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US Crude Oil Inventories Drop by 6.4 Million Barrels

Weekly crude oil inventories in the U.S. fell by 6.432 million barrels last week, according to the API.
U.S. gasoline inventories rose 7.1 million barrels in the week ended Dec. 31, and distillate inventories rose 4.4 million barrels last week.

The increase in fuel stocks dampened the positive outlook of investors. In the previous session, prices increased by more than 1%, which means that the market’s confidence is currently given that the increase in COVID-19 cases will not affect fuel demand.

For now, OPEC+ shares this view and is increasing production by 400,000 barrels per day in February. Mixed news came from Asia, as Omicron cases continue to increase and China puts Yuzhou, the next city with more than a million inhabitants, under lockdown.

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